#美国非农就业数据未达市场预期 The December US employment report is out. At first glance, it looks pretty good, but upon closer inspection? It actually hints at a weakening economy.

The core issue is this: all three indicators—job creation, job vacancies, and wage growth—point to signs of cooling. The only highlight worth mentioning is a slight decrease in the unemployment rate to 4.5%—but that's just surface-level optimism. Overall, this report is like hitting the brakes on the economy; it's not particularly bad, but not exactly good either. In a word, it's a "stalling tactic."

How will the Federal Reserve interpret this data? The answer is straightforward: there's no need to rush in January. The market's expectations are clear from the direction of interest rate futures and US Treasuries—cutting rates in January is basically off the table, and everyone is betting that June will be the real turning point.

What does this mean for the crypto market? In the short term, the easing cycle won't start early, and liquidity remains tight. Crypto players should prepare for a long-term battle, as we still have to wait a few more months for the Fed's next move to become clearer.